WellCare Restates Earnings for 2004-2007; May Owe Florida & Illinois Up to $46.5 Million

OPEN MINDS On-Line News Strategic Health Care News On July 21, 2008, WellCare restated its earnings for 2004, 2005, 2006 and the first half of 2007, after determining that the company owed refunds of up to $46.5 million under contracts to provide managed care services for government health care programs in Florida and in Illinois. As of December 31, 2006, WellCare owed up to $42 million and expects to owe another $4.5 million for 2007 refunds to the states. On July 25, 2008, the State of Florida chief financial officer called for the Florida Healthy Kids program . . .